You’ll need to uninstall the previous version if you’ve already got it installed, as the installer won’t perform an upgrade (at this time, I also uninstalled Visual Studio 2010, as I only had that version installed for MP Authoring, everything else I’m doing has since moved on to more recent versions of VS).

Some of the notable changes are (in no particular order):

Support for Visual Studio 2012 and 2013

Language packs other than ENU are now built correctly,

Picker dialog boxes now traverse Project references properly, as does the Find All references tool.

No more access denied error messages when trying to build a 2012 MP that has been auto deployed to a management group.

Import wizard can now resolve MP references inside MP bundles

Snippet Editor no longer displays duplicate columns when an ID has been used multiple times in the snippet template.

Monitor templates now set Auto resolve to “True” by default and Severity to “MatchMonitorHealth”

MP Context Parameter replacements can now be used in Module parameters that have non-string data types.

MP Simulator can now simulate Agent Task workflows

MPBA “Resolve” option now works correctly with generated fragment files

They’ve also changed the Project templates to make it a bit more explicit which versions of Operations Manager each project type supports, and added 2012 SP1 and 2012 R2 explicitly as new project types. Sadly still no xml templates provided for datasource, monitortype, probe or condition detection modules.